Core Gold assesses Titan Mineral's upped offer
Peru-focused Titan Minerals said yesterday it raised its offer to 3.1 Titan Mineral shares for each Core Gold share, an increase of 24% over the original offer.
Core Gold responded by saying its board is considering the offer and will reply in due course. It advises shareholders to take no further action.
Titan CEO Laurence Marsland said there is broad support for the bid.
"At this time, shareholders holding 45% of Core’s share capital have now entered into lock-up arrangements to accept the increased offer, demonstrating a broad consensus of support for the transaction," commented Laurence.
Core Gold is a mining and exploration company operating in Ecuador. Titan operates a processing plant.
"Titan is continuously evaluating projects within Peru for acquisition or joint venture to both provide additional, low cost gold and silver mineralized material feed for existing processing facilities and opportunities for processing growth and expansion," said Titan in a news release. "In addition, Titan shall also continue to evaluate projects elsewhere in gold, copper and other commodities to grow shareholder value."